Phelps, who was photographed smoking marijuana out of a bong, said he “clearly made a mistake” and that the past week has been both embarrassing and uncomfortable for him.

“It’s going to require a lot of time and energy and a lot of thinking for myself – but also talking to [coach] Bob [Bowman] and talking to my family and just deciding what I want to do.”

Asked if he still has any more goals to fulfill after winning 14 gold medals – eight alone at last summer’s Beijing Games – Phelps said, “Yeah, there are still goals that I have in the pool … I’m not going to let anything stand in my way.”

Phelps also said that it decides “to walk away, I’ll decide to walk away on my own terms. If it’s now, if it’s four years, who knows.”